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Bank of America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3. ...
NEW YORK -- Bank of America says it plans to provide mortgage relief to about 200,000 homeowners whose home values have fallen below what they owe on their mortgages. Bank of America would reduce ...
Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown. Under the deal announced Monday, the bank will pay $3.6 billion to Fannie ...
Justin Sullivan/Getty Images By Aruna Viswanatha A federal judge ruled Wednesday that the U.S. can pursue parts of a civil lawsuit against Bank of America for its sale of toxic mortgages to Fannie ...
Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing ...
Another lawsuit filed against Bank of America, pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac. [139] That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American ...
Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the stand proves to be accurate, paperwork problems ...
Bank of America (BAC) is giving the green light to a program designed to cut the principal on severely underwater adjustable-rate mortgages (ARMs) held by some of its borrowers, rather than ...